Did you know that a typical organisation loses 5% of its annual revenue to fraud and that the median loss uncovered as a result of fraud is $160,000 with a typical scheme taking up to 18 months to detect?
Typically a series of internal control measures are used to prevent occupational fraud, including the separation of duties whereby for example someone responsible for purchasing does not also receive the goods.
Due to their nature, small to medium sized businesses are not well placed to implement these control measures. Often one person is given access to the bank account and the financial software and can raise invoices as well as create vendors and employees and make payments. As a consequence these businesses are at greater risk of fraud and the media is littered with examples of employees in similar situations taking advantage of employers.
Don’t be like the others and react to fraud once it has occurred. It is better to use a range of internal controls and data analysis technologies to detect and prevent fraud in the first instance. Don’t assume that your accountant audits for fraud while doing your BAS or end or year returns.
We offer forensic fraud services whereby we examine your financial accounting software for a range of fraud indicators with industry leading forensic accounting software. This tool assists us to quickly find the smoking gun – Fictitious vendors, altered or duplicate invoices, duplicate payments and payroll fraud to name a few.
We can also combine a fraud audit with a review of your internal control structure to identify other areas of potential fraud helping you to close the gate before the horse bolts.
If you want the peace of mind to know your operations are free of financial crime, or if you suspect you have been a victim of fraudulent dealings, if you want to know the depth of any loss, please contact us: (07) 4795 1005 or e-mail: admin@contingentevents.com.au.